Goldman Sachs Capital Partners, the private equity (PE) arm of the world’s largest investment bank, is set to sell its controlling stake in Sigma Electric Manufacturing Corp. Pvt. Ltd, in a deal worth $350-400 million (Rs.2,300-2,600 crore), Mint reported in September last year.

Sigma Electric, founded by Sajjan Agarwal, caters to customers in the North American and European markets through exports from its Indian plants. About 90% of Sigma’s revenue comes from the US market. The $150 million-Sigma has nine manufacturing facilities located in Pune and Jaipur, India.

Argand acquired Sigma from existing shareholder Goldman Sachs Private Equity and other shareholders, said the company statement.

“Argand brings a significant level of manufacturing and industrial market experience in addition to global networks, which will assist us as we look to expand our market presence and geographic footprint. This partnership will contribute to continuing and further growing Sigma’s global market leadership,” said Viren Joshi, president and chief executive officer, Sigma.